(Reuters) – Gold prices rallied slightly on Tuesday as a weaker dollar offset the impact of a recovery in stocks following President Donald Trump's discharge from hospital.
The spot gold price rose 0.24% to $ 1,917.46 per troy ounce by 15:28 GMT.
“The fact that the dollar refuses to decline further takes some of the glitter from gold,” said Han Tan, market analyst at FXTM.
The dollar index lost 0.16% to a basket of major currencies to 93.364.
Global stocks peaked in more than two weeks on Tuesday after news that US President Donald Trump had left the hospital and returned to the White House, as well as heightened hopes for US stimulus.
Seen as a hedge against inflation and currency depreciation, gold is up 26% this year thanks to massive stimulus from governments and central banks around the world.
“The main risk lies in the upcoming US elections, if there is no clear leader in them, and Joe Biden is ahead, and Trump does not yield, then we will enter a prolonged period of uncertainty,” said analyst at Commerzbank (DE: CBKG) Carsten Fritsch …
“And it will be pigeon news for the dollar and bullish news for gold.”
Palladium fell 0.05% to $ 2,360.91 an ounce, while silver added 0.05% to $ 24.36 an ounce. The platinum price dropped 1.37% to $ 883.38.
(Sumita Layek in Bangalore, translated by Elizaveta Zhuravleva. Editor Anna Kozlova)